NanoSteel, an advanced materials company, has launched Formetrix, an enterprise that will focus on materials for additive manufacturing.
NanoSteel is a steel materials company that specializes in the design and commercialisation of new advanced alloys. The company’s expertise lies in the construction of proprietary steel chemistries and production routes aimed at specific performance requirements.
The new corporation has been formed to accelerate the commercialization of 3D printing metals, and will also offer on-demand production services.
David Paratore, President and CEO of NanoSteel, stated:
“Formetrix was formed to provide new, high performance steel alloys to accelerate the adoption of Additive Manufacturing within the tool and die and aluminum die cast industries.”
NanoSteel materials
The Providence (R.I.) based NanoSteel is a privately held company founded in 2002. It focuses on two areas – sheet steels for automotive lightweighting and steel powders for 3D printing. Its major shareholders are EnerTech Capital, Fairhaven Capital and SPDG whereas its lead investors are GM Ventures and Lear Corporation.
Under NanoSteel, the Formetrix arm produces patented steel alloys for 3D printed parts for hot and cold forming tool and dies such as molding, casting and stamping within the automotive, oil and gas and heavy machinery markets. Its highly efficient steel alloys provide a combination of benefits such as higher hardness and ductility, and higher wear resistance relating to current alternatives.
Automotive investors
Formetrix was formed late August 2018 and concluded its Series A capital raising to help commercialize steel alloys for 3D printing processes. It has Cycad Group and SPDG as investors.
SPDG is the holding company of the Périer-D’Ieteren family, which is the major shareholder of the D’Ieteren Group. The Group’s activities consists the possession of both the dominant car importer in Belgium and Belron, the global vehicle glass repair and replacement operating Safelite in the USA.
“We are driven by the promising value Formetrix offers the Additive Manufacturing industry. The launch of Formetrix is a powerful milestone that we are excited to be a part of and look forward to its growth as an industry leader,” Allegra Kowalewski-Ferreira, Investment Manager of SPDG, declared.
The full terms of the financial transaction are undisclosed.
Formetrix chooses AddUp’s 3D printer
The AddUp FormUp 350 3D printer has been selected by Formetric to fulfil clients’ requests relating to production. Harald Lemke, Chief Commercial Officer of Formetrix, said:
“Through the precision capability provided by our new industrial AddUp 3D printer, we can support both prototyping and volume customer needs more effectively and efficiently. Using the initial FormUp 350 along with additional finishing equipment, Formetrix will continue to expand its service center capabilities.”
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Featured image shows Nanosteel 3D printed steel. Image via Nanosteel.
